(01) The working cover subject to a prospective rating plan. (02) A form of excess reinsurance wherein each year’s premium rate is determined by the amount of the ceding insurer’s excess losses for a specified number of preceding years. A form of experience rating. See Also: “Spread Loss Reinsurance.”
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Refer: “Reinsurance, Spread Loss”
Tag: RAW
Carpenter plan
A name for spread loss reinsurance first introduced in the US by a broker named Carpenter.
Carpenter plan (Reinsurance)
A reinsurance plan wherein the premium is determined by the amount of the insurance company’s losses during a period of time.
Carriage by Air Act 1961
Enacts the Hague Protocol in the UK.
Carriage by Rail
See: CIM.
Carriage International (Warsaw Convention)
Any carriage in which according to the contract made by the parties, the place of departure and the place of destination, whether or not there be a break in the carriage or a transshipment, are situated either within the territories of the two High Contracting Parties or within the territory of a single High Contracting Party, if there is an agreed stopping place within a territory subject to the sovereignty of another power, even though that power is not a party to the Convention.
Carriage Non-international (Hague Protocol )
Non-international carriage has been defined as “any carriage in which according to the intention of the parties, the place of departure and the place of destination are both situated in India and there is no agreed stopping place outside India.
Carriage of Goods by Road Act 1965
Enacts the CMR so far as it relates to the rights and liabilities of persons concerned in the carriage of goods by road under a contract to which the Convention applies.
Carriage of Goods by Sea Act 1971
Enacts the Hague-Visby rules by specifying the respective responsibilities, liabilities and immunities of carriers and cargo owners.
Carriage of Goods by Sea Act 1992
Replaces the Bill of Lading Act 1855 in transferring rights and liabilities with bills of lading, sea waybills and ship’s delivery orders. The Act transfers rights to all ‘lawful holders’ (e.g. the holder of the bill of lading, the receiver of the goods, persons identified in the ship’s delivery order) (s.2). The removal of certain technicalities makes it easier for them to sue the carrier when goods are lost or damaged at sea. The Act also applies similar principles to electronic documentation.